A balance sheet is basically a picture of exactly where a business stands at any given moment in time. This paper takes into account what a company has and what it owes to get an idea of whether the company is thriving, in trouble, or failing. Smaller businesses with one owner normally create a balance sheet once a year. For larger companies that are publicly owned, a quarterly schedule is considered more appropriate.

As a small business owner, it can feel at times as if hazards and risks are actively working against your success. While you may encounter similar risks as large Fortune 500 companies, the same hazard could result in a catastrophic outcome for your small business. Because of this, it's imperative you effectively engage in risk management. 

Taxes can be extremely taxing for small business owners. Because you're already the CMO, CEO, CIO, and everything else, the last thing on your plate is to pay Uncle Sam more of your hard-earned business money. Thankfully, there are a number of different tax strategies you can use to reduce your taxable income and save money—and the team at the MB Group can help. Let's take a closer look at some of the top strategies you can use to save money and lower taxable income for small businesses.